Monetary Authority of Singapore and People’s Bank of China Further Renew Bilateral Currency Swap Arrangement
Singapore, 14 July 2022…The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) today announced the renewal of the Bilateral Currency Swap Arrangement (BCSA) for a further term of five years, until 2027.
2 The BCSA has been a key pillar of co-operation between MAS and PBC since 2010 and helps to strengthen regional economic resilience and financial stability. Under the arrangement, MAS and PBC can access liquidity in each other’s currencies to support the financing of trade and investment, and to stabilise financial markets. Up to CNY300 billion in Chinese Yuan liquidity and SGD65 billion in Singapore Dollar liquidity will be available to financial institutions operating in Singapore
3 The BCSA renewal was signed by MAS Managing Director Ravi Menon and PBC Governor Yi Gang and was effective from 13 July 2022.
Mr Ravi Menon, Managing Director, MAS, spoke on MAS' efforts to build three foundational digital infrastructures, as well as MAS’ collaboration with UNDP to maximise opportunities for MSMEs.
Joint Statement of the 10th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM)
State Bank of Vietnam, the central bank of Viet Nam, has officially joined the Regional Payment Connectivity (RPC) initiative. This recent development is an expansion of the Memorandum of Understanding on Cooperation in Regional Payment Connectivity (MOU RPC) that was initiated by the central banks of Indonesia, Malaysia, Philippines, Singapore, and Thailand at the sidelines of the G20 Leaders’ Summit.